Thinking about buying a fabulous Lido Key condo? You might be timing the market perfectly. Inventories of Lido Key condos for sale have declined dramatically from the high figures we saw back in 2006 and 2007. The big question everyone is wondering is whether we are at the bottom or not. Everyone has opinion but no one knows for sure. What we do know is that inventories are down, prices are down, sales are up and there seems to be a glimmer of hope and enthusiasm in the economy. Personal spending is increasing as people seem to be sick and tired of this great recession.
Remember about 15 years ago when Realtors used to use the MLS books to figure out what was for sale or not. That was before my time. I started selling real estate in 2000 when the multiple listing service (MLS) was just getting onto the computers. The days of the MLS books are long gone. With the advent of the internet real estate is now at lightning speed. A Realtor can list a property in the Sarasota MLS one minute and then the next minute an electronic alert is sent to hundreds of Realtors and possibly thousands of potential buyers signaling them of a new listing. Information is passed at the speed of light. The Sarasota Florida real estate market is super efficient with virtually all information known. The days of little information is over as we have at our fingertips virtually all properties for sale, what they sold for, when they sold, how long then took to sell, price adjustments and a virtually endless supply of valuable market statistics.
Finding the right Lido Key condo
Lido Key is not that large. It is much smaller than Longboat Key and Siesta Key. As a result there are not a ton of condos for sale. I just checked the Mid Florida MLS as I write this and see that there are 75 condos/townhouses and villas for sale on Lido Key. Let’s break that down by price.
- $0 – $400,000 – 31 condos. Of those 31 condos only 18 of them have 2 bedrooms/2 bathrooms.
- $400,000 – $1,000,000 – 22 condos
- Over $1,000,000 – 22 condos
Think about it for a second. If you can spend up to $400,000 and you want 2 bedrooms and 2 bathrooms you only have 18 to choose from. When you ignore the obviously overpriced condos or the ones that need a dramatic face lift you are down to just a few condos. By the way, if you do a search for Lido Key FL condos with 2 bedrooms, 2 bathrooms, under $400,000 and with the word ‘remodeled‘ in the description there ZERO condos for sale. You have to assume that a remodeled condo would at least mention it in the description. I am actively working with a buyer for a condo on Lido Key and am amazed at how little is out there.
Buyers seem to be running out good properties to buy. This is another signal that a market bottom might be here or near.
